Community Bankers (ESXB) Tops Q1 EPS by 2c

Community Bankers (NASDAQ: ESXB) reported Q1 EPS of $0.16, $0.02 better than the analyst estimate of $0.14.

• Net income was $3.5 million for the quarter ended March 31, 2019, compared with net income of $3.4 million in the fourth quarter of 2018 and net income of $2.6 million in the first quarter of 2018.
• Fully diluted earnings per common share was $0.16 for the quarter ended March 31, 2019, compared with $0.15 per share and $0.12 per share for the quarters ended December 31, 2018 and March 31, 2018, respectively.
• Interest and dividend income increased $1.7 million, or 12.3%, in the first quarter of 2019 compared with the first quarter of 2018.
• Interest and fees on loans were $12.4 million in the first quarter of 2019, an increase of $1.5 million, or 14.2%, over the first quarter of 2018.

Rex L. Smith, III, President and Chief Executive Officer, stated, "The first quarter had many positive trends that helped create strong earnings growth both quarter over quarter and year over year. Net income was $3.5 million for the quarter ended March 31, 2019, compared with net income of $3.4 million in the fourth quarter of 2018 and net income of $2.6 million for the same period last year. I am also excited to report that fully diluted earnings per share was 16 cents, up from 12 cents per share for the first quarter of 2018."

Smith added, "Loan growth was typical for the first quarter, and year over year growth was 3.4%. By being more selective on loans and continuing our focus on low cost deposit growth, we were able to increase our net interest margin from 3.78% in the fourth quarter of 2018 to 3.81% in the first quarter of 2019. We also continue to improve our efficiency, which resulted in a decrease in noninterest expenses quarter over quarter."

Smith concluded, "I am very pleased with the results for the quarter and the trends we are seeing in all of our key metrics, which resulted in an annualized return on equity of 10.02% for the first quarter of 2019, an increase from 8.30% a year ago. I am also pleased that we paid our first quarterly dividend in over nine years as the Company continues to grow earnings to give our shareholders sound results."

For earnings history and earnings-related data on Community Bankers (ESXB) click here.

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